FX.co ★ Wheat Drops to 8-Month Low

Wheat futures have declined to approximately $5.10 per bushel, marking an eight-month low. This decrease is attributed to the abundance of global supplies combined with improving crop conditions. In North America, timely rainfall in the Plains has significantly improved the outlook for winter wheat. Meanwhile, France reports that 74% of its crop is in good or excellent condition, and maize planting in Europe is progressing faster than the five-year average. Furthermore, the European Commission's April report increased the 2025 wheat production forecast to 126.3 million tons and raised end-of-season stock estimates, highlighting a substantial surplus.